Timing is everything. You may soon get an extension for 1ST Time Home Buyers, see link:

http://www.yourclevelandrealtors.com/2009/11/02/home-buyer-t…

Your credit score is going to impact the rate you pay. Why not work on increasing your credit score prior to buying. FHA will only require 3.5% down payment. We have excellent lenders on our website that can help you-see Resource Center/Local Businesses.

Many Blessings,

Jim

There are lenders out there who will offer a Portfolio FHA loan with credit scores between 560 and 619. These are not easy loan s to qualify for. You can not have a gift of any kind. You must show a rent/mortgage history paid on time for 12 months. The interest rate is a minimum of 1% higher than the market FHA rate. closing cost on this type of loan are higher.Those are just some of the highlites of this type of loan.

Ebateman,
Please contact a mortgage professional (such as myself) and do not give much weight to a real estate agent answering a "financing" question. There is no need to "lease to own" if you can buy!
We have the ability to go down to a 580 score with reasonable rates.
Please call me if you would like to discuss further.

yes, but it a lot harder to find a lender now that will take a score below 640. I fill this will relax some as the economy gets better. There are things you can do to get your scores up in a short time.

ebate,yes there are still lenders out there I have one buyer right now who is under 600,so Ill work with you.

TJ

Unfortunately, given today's stringent lending practices, your chances are slim - especially in the Cleveland area. However, you may want to consider searching for homes that offer "Lease Options" and/or "Owner Financing". If you'd like to understand how it works and how to search for these type listings, please feel free to contact me direct via email: colleen@colleenrock.com. (currently have only one home available with this option)
Next, even though your credit score may not support purchasing a home today - it's always wise to take the time to educate yourself on the steps needed in raising your score and setting a time frame in purchasing a home. Meeting with a loan officer now and establishing a working relationship toward your goal is advisable.
Best wishes in your plans to purchase!

In addition to my first answer, you also must meet other criteria to be approved such as current on payments, no collections, and have a certain amount of credit lines to prove credit history. I highly recommend checking with several banks to see which one works for you. Not all banks are the same. Would you buy the first car you test drive, or shop around. Your mortgage is important to you, shop for the best deal for you. Hope this helps.

There are banks that have different requirements for mortgage loan approvals. I have had buyers get approved for a mortgage with less than 600, but usually the lowest is 580. Each bank is different. You will need be sure you check with lenders who finance the loan themselves. Your chances may be better. If you are in my area of Illinois, contact me, I could give you a few names to check out.